The takeaway is that markets aren’t pricing in any sort of “succession premium” tied to any one chairman. The glidepath of monetary policy — regardless of Powell’s successor — appears structural, anchored to the Fed’s backward-looking framework . If that holds, it would mark a break from recent history.

A speech from the Fed chair at Jackson Hole has become a rite of summer for investors. Nicholas Colas, co-founder of DataTrek Research, broke down how the S&P 500 has performed in the five days on eit

Federal Reserve Chair Jerome Powell is slated to speak on Friday at the Fed’s annual gathering of central bankers in Jackson Hole, Wyoming, and Evercore ISI warns that market participants might not love what he has to say.